Financial giants have made a conspicuous bullish move on Newmont. Our analysis of options history for Newmont NEM revealed 12 unusual trades.
Delving into the details, we found 58% of traders were bullish, while 41% showed bearish tendencies. Out of all the trades we spotted, 3 were puts, with a value of $543,720, and 9 were calls, valued at $385,121.
What's The Price Target?
Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $25.0 to $55.0 for Newmont during the past quarter.
Volume & Open Interest Trends
Examining the volume and open interest provides crucial insights into stock research. This information is key in gauging liquidity and interest levels for Newmont's options at certain strike prices. Below, we present a snapshot of the trends in volume and open interest for calls and puts across Newmont's significant trades, within a strike price range of $25.0 to $55.0, over the past month.
Newmont Call and Put Volume: 30-Day Overview
Noteworthy Options Activity:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| NEM | PUT | SWEEP | BEARISH | 01/17/25 | $42.50 | $336.6K | 2.4K | 360 |
| NEM | PUT | SWEEP | BEARISH | 09/20/24 | $35.00 | $179.4K | 1.7K | 318 |
| NEM | CALL | SWEEP | BULLISH | 01/16/26 | $25.00 | $70.0K | 743 | 1 |
| NEM | CALL | SWEEP | BEARISH | 01/17/25 | $55.00 | $54.2K | 37.8K | 3.9K |
| NEM | CALL | TRADE | BULLISH | 01/17/25 | $32.50 | $45.1K | 3.1K | 48 |
About Newmont
Newmont is the world's largest gold miner. It bought Goldcorp in 2019, combined its Nevada mines in a joint venture with competitor Barrick later that year, and also purchased competitor Newcrest in November 2023. Its portfolio includes 17 wholly or majority owned mines and interests in two joint ventures in the Americas, Africa, Australia and Papua New Guinea. The company is expected to produce roughly 7.3 million ounces of gold in 2023 pro forma for Newcrest on an annualized basis. Newmont also produces material amounts of copper, silver, zinc, and lead as byproducts from its various gold mines. It had about two decades of gold reserves along with significant byproduct reserves after acquiring Newcrest.
After a thorough review of the options trading surrounding Newmont, we move to examine the company in more detail. This includes an assessment of its current market status and performance.
Current Position of Newmont
- Currently trading with a volume of 5,285,025, the NEM's price is down by -2.14%, now at $30.61.
- RSI readings suggest the stock is currently may be approaching oversold.
- Anticipated earnings release is in 59 days.
What Analysts Are Saying About Newmont
In the last month, 2 experts released ratings on this stock with an average target price of $48.0.
- An analyst from BMO Capital has decided to maintain their Outperform rating on Newmont, which currently sits at a price target of $56.
- Maintaining their stance, an analyst from RBC Capital continues to hold a Sector Perform rating for Newmont, targeting a price of $40.
Options trading presents higher risks and potential rewards. Astute traders manage these risks by continually educating themselves, adapting their strategies, monitoring multiple indicators, and keeping a close eye on market movements. Stay informed about the latest Newmont options trades with real-time alerts from Benzinga Pro.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
